ACRES Secures $73M Loan for Tampa Bay Condo Development

Reflection Condominiums. Image courtesy of ACRES

Mirror Lake Place LLC, a subsidiary of Hemmer Group, is moving forward with plans to develop Reflection Condominiums, an 18-story project in St. Petersburg, Fla. Eyzenberg & Co. arranged $73.4 million in construction financing, originated by ACRES Capital Corp. The development is set for completion in 2023, according to St. Pete Rising, a local publication.

Spanning less than 1 acre, Reflection Condominiums will encompass 88 units with two- and three-bedroom floorplans, ranging from 1,168 to 2,285 square feet with luxury finishes. Community amenities will include a rooftop, pool deck with a swimming pool, spa and sauna, fitness center, social room and outdoor kitchen, as well as 2,763 square feet of retail. KAST Construction is the general contractor, and SMP Architecture is leading the architectural efforts.

Located at 777 Third Ave. N., the community will be less than half a mile from several dining options on Central Avenue North and downtown St. Petersburg. St. Pete Pier, as well as some green areas, are within a mile of the project.

The development pipeline is strong in St. Petersburg, with eight properties under construction and seven planned projects that will add roughly 2,668 units to the current inventory, Yardi Matrix data shows. Another condo development set for senior housing is underway. LifeStar Living will develop The Manhattan, a 9-story community, after buying a 5.3-acre site for $9 million.